RICS launch infrastructure tool
RICS, the Royal Institution of Chartered Surveyors, has launched a new infrastructure cost tool which will help construction professionals assess the risk of inflation on projects.
The unique infrastructure cost and market forecast tool will help contractors and clients assess the risk of inflation on infrastructure schemes and benchmark the cost of their built projects to ensure they make the best-informed and competitive investment and budgeting decisions.
The RICS’ Building Cost Information Service (BCIS) – which is the leading provider of cost and price information to the construction industry – has launched the new online service, known as BCIS Civil Engineering Trends and Forecasts. It offers over 30 insightful market intelligence resources to help those in the infrastructure sector better understand and prepare for inflationary pressures on their business and built projects.
Resources include market demand reports, five-year sector forecasts, tender price studies, wage agreements and information around construction output, new orders and state of trade surveys, along with cost and price indices for civil engineering.
Joe Martin, BCIS Lead Consultant, RICS Data Product Management said: “In uncertain times the need for a consistent analysis of the factors that drive project costs is becoming increasingly important. Therefore, we have used our 50 plus years’ experience – of measuring and forecasting construction demand cost and prices – to create this one-of-a-kind infrastructure cost product, which will help those in the sector gain unrivalled insight into the relationship between cost, demand and price.
James Fiske, Global Director and Data and Information Products at RICS added: “The insight from this new tool will enable contractors and clients to best prepare and plan for financial risks on infrastructure schemes and apply the most appropriate inflation measures in contracts, which in turn will help them develop more transparent and competitive strategies for cost-effective and sustainable built projects.”
A yearly subscription provides access online to BCIS Civil Engineering Trends and Forecasts, with prices starting at £1,000. For more information and to register interest visit www.rics.org/uk/products/
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